Apple Pay is the latest in consumer mobile payments, but will it take off where Google Wallet fizzled? To accept Apple Pay payments from iPhone6 consumers, you'll need to be equipped with EMV contactless and NFC.

EIRF, otherwise known as ”Electronic Interchange Reimbursement Fee” is a more costly transaction interchange rate applied by Visa. It is a hefty charge that a merchant may see on their statement when a transaction has been re-classified to a more expensive category. However, EIRF charges can...